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Federal R eserve Ba n k of R ic h m o n d THIRTY-SIXTH ANNUAL REPORT — YEAR 1950 — R ic h m o n d , Va., January 10, 1951. To Member Banks of the Fifth Federal Reserve District: There is submitted herein a comparative statement of the condi tion of the Federal Reserve Bank of Richmond at the close of business December 31, 1950, and December 31, 1949, together with a compara tive statement of profit and loss for the years 1950 and 1949, and other operating data. Very truly yours, President COMPARATIVE STATEMENT OF CONDITION ASSETS: D e c e m b e r 31 ,1 9 5 0 D e c e m b e r 3 1 ,1 9 49 Gold certificates___________________________________ $ 950,137,881.35 $1,087,376,006.37 Redemption Fund for Federal Reserve notes___ 53,787,917.47 52,047,235.40 T o t a l G old C e r t if ic a t e R e se r v e s _____ 1,003,925,798.82 1,139,423,241.77 Other cash__________________________________________ 22,025,758.95 21,366,479.42 Discounts and advances__________________________ 575,000.00 5,806,500.00 Industrial loans___________________________________ 131,504.44 106,498.09 Bills ______________________________________________ 80,368,000.00 310.023.000.00 Certificates ______________________________________ 150.804.000.00 402.865.000.00 N o t e s ____________________________________________ 809.269.000.00 36,092,000.00 B o n d s____________________________________________ 298.484.000.00 463.355.000.00 s e c u r it ie s - 1,338,925,000.00 1,212,335,000.00 l o a n s a n d s e c u r it ie s ____________ 1,339,631,504.44 1,218,247,998.09 U. S. G O V E R N M E N T S E C U R IT I E S : T o t a l U . S. G o v e r n m e n t T otal Due from foreign banks__________________________ 1,179,04 1,844.69 Federal Reserve notes o f other banks___________ 32,260,550.00 19,975,540.00 Uncollected cash items____________________________ 340,962,673.64 291,047,221.39 Bank premises_____________________________________ 2,870,583.22 2,469,588.98 Other assets_______________________________________ 7,940,079.04 6,474,694.87 T O T A L A S S E T S _____________ 2,749,618,127.15 2,699,006,609.21 1,616,465,615.00 1,580,159,750.00 LIABILITIES: Federal Reserve n otesD E P O S IT S : Member bank— reserve accounts___ 750,833,677.32 708,358,979.54 U. S. Treasurer— general account- 36,831,103.41 62,146,520.19 Foreign ______________________________ 44,385,000.00 37,269,400.00 Other _________________________________ 28,995,333.42 43,503,326.87 861,045,114.15 851,278,226.60 Deferred availability cash item s- 226,241,508.13 223,471,436.28 Other liabilities____________________ 233,693.38 518,166.57 2,703,985,930.66 2,655,427,579.45 T o t a l D e p o s it s . T O T A L L IA B IL IT IE S - CAPITAL ACCOUNTS: 9,845,300.00 9,222,550.00 25,166,803.73 23,779,189.48 (Section 1 3 b ) - 3,349,144.81 3,349,144.81 Other capital accounts- 7,270,947.95 7,228,145.47 2,749,618,127.15 2,699,006,609.21 Contingent liability on Acceptances Purchased for Foreign Correspondents- 1,082,359.47 514,909.11 Industrial Loan Commitments____________________________________________________ 54,000.00 15,000.00 Capital paid in _________________ Surplus (Section 7 ) ____ Surplus T O T A L L I A B I L I T IE S A N D C A P IT A L A C C O U N T S 2 COMPARATIVE PROFIT AND LOSS ACCOUNT 1949 1950 E a r n in g s : $ Discounts and advances___ ___ _______________ :--------------Interest earned on industrial loans under Section 13b Fees received on commitments to make industrial loans.. Interest on U . S. Government securities___________________ Other earnings__________________________________________ ___- 107,038.47 5,611,41 456.28 17,623,678.75 10,969.49 $ 197,358.00 2,769.60 733.83 20,042,916.88 16,974.63 17,747,754.40 20,260,752.94 4,841,541.21 171,500.00 610,517.33 4,723,084.32 161,000.00 502,786.44 5,623,558.54 5,386,870.76 12,124,195.86 14,873,882.18 Profits on sales of U . S. Government securities________________________________ Sundry additions_________________________________________________________________ 2,364,501.41 7,363.16 1,995,189.79 768.47 Total Additions__________________________________________________________ 2,371,864.57 1,995,958.26 Total Current E arnings__________________________ E xpenses : Operating expenses (including depreciation on bank premises) after deducting reimbursements received for certain Fiscal A gency and other expenses___________ Assessments for expenses o f Board o f Governors______________________________________ Cost o f Federal Reserve Currency________________________________________________________ Total N et E xpensesCurrent N et E arnings______________________________________________________________________ A d d it io n s t o a n d D e d u c t io n s f r o m C u r r e n t N e t E a r n in g s : 163,429.88 Retirement System (Adjustm ent for Revised Benefits) — Sundry deductions____________________________________________ 2,029.13 5,128.35 Total Deductions___________________________________ 2,029.13 168,558.23 Net Additions_____________________ Transferred to Reserves for Contingencies A v a il a b l e for D iv id e n d s , P a y m e n t to T reasu rer of U . S. and S urplus A ccount Dividends paid member banks__________________________________________________________ Paym ent to Treasurer of U . S.— Interest on outstanding Federal Reserve N o te sAddition to Surplus Account (Section 7 ) _____________________________________________ Total ______________________________________________________________________________ 2,369,835.44 1,827,400.03 44,818.11 2,537,242.52 14,449,213.19 14,164,039.69 573,601.22 12,487,997.72 1,387,614.25 539,947.90 12,261,569.84 1,362,521.95 14,449,213.19 14,164,039.69 23,779,189.48 1,387,614.25 22,416,667.53 1,362,521.95 25,166,803.73 23,779,189.48 SURPLUS ACC O U N T (Section 7) Balance at close of previous year_. _________________________________________________________ Addition a /c profits for year_________________________________________________________________ Balance at C l o se of C urrent Y e a r ____________________________________________________ C A P ITA L STOCK A C C O U N T (Representing amount paid in, which is 5 0 % o f amount subscribed) Balance at close of previous year____________________________________________________________ Issued during the year________________________________________________________________________ 9,222,550.00 630,100.00 8,717,400.00 575,650.00 Cancelled during the year____________________________________________________________________ 9,852,650.00 7,350.00 9,293,050.00 70,500.00 e a r ____________________________________________________ 9,845,300.00 9,222,550.00 Balance at C l o se of Current Y 3 VOLUME OF PRINCIPAL OPERATIONS Average Total Number of Items Ch e c k s H a n d l e d : Total Am ount Am ount Per Item --------Daily Averages Num ber of Items Am ount Y e a r 1950 (299 days) ____________ __ 149,362,000 $56,089,893,000 $376 499,538 Y e a r 1949 (300 days) ____________ __ 141,650,000 50,098,503,000 354 472,167 166,995,010 Y e a r 1948 (301 days) ____________ __ 137,356,000 52,241,370,000 380 456,332 173,559,369 Y e a r 1947 (299 days) ____________ __ 132,044,000 49,068,737,000 372 441,619 164,109,488 Y e a r 1946 (300 days) ____________ __ 128,903,000 41,695,704,000 323 429,677 138,985,680 Y e a r 1945 (303 days) ____________ __ 118,938,000 35,241,788,000 296 392,535 116,309,531 Y e a r 1944 (307 days) ____________ __ 110,683,000 32,645,462,000 295 360,531 106,337,010 Y e a r 1943 (307 days) ____________ __ 100,844,000 31,083,430,000 308 328,482 101,248,958 Y e a r 1942 (302 days)____________ __ 92,257,000 25,756,755,000 279 305,487 85,287,268 Y e a r 1941 (299 days) ____________ __ 87,796,000 20,410,680,000 232 293,632 68,263,144 Y e a r 1940 (301 days)____________ __ 79,938,000 15,474,834,000 194 265,575 51,411,409 $187,591,615 Y e a r 1939 (299 days)-----------------------76,814,000 13,720,123,000 179 256,903 45,886,699 Y e a r 1938 (301 days) ____________ __ 74,114,000 12,145,850,000 164 246,226 40,351,661 Y e a r 1937 (301 days) ____________ __ 71,878,000 13,174,474,000 183 238,798 43,769,016 Y e a r 1936 (301 days) ____________ __ 69,683,000 11,897,385,000 171 231,505 39,526,196 Y e a r 1935 (301 days) ____________ __ 59,518,000 10,436,538,000 175 197,734 34,672,88'4 Y e a r 1930 (301 days)____________ __ 54,109,000 12,795,015,000 236 179,764 42,508,355 Y e a r 1925 (302 days)____________ __ 48,171,677 14,038,542,000 291 159,509 46,485,238 Y e a r 1920 (304 days) ____________ __ 33,731,801 11,505,945,224 341 110,960 37,848,504 N o n -C a s h C o l l e c t i o n Ite m s R e c e iv e d : 1950 N um ber------------------------------------------------------------------------------------------------A m ou n t--------------------------------------------------------,---------------------------------------T ransfers of F unds for $ 467,982 194,823,000 1949 $ 378,974 167,929,000 M em ber B a n k s : N um ber_______________________________________________________________ A m ou n t_______________________________________________________________ 83,440 $25,716,662,000 75,370 $20,413,758,000 $32,716,117,000 32,883,355,000 $27,335,062,000 27,391,286,000 392,590,360 377,213,528 $ 2,093,524,996 I n t e r d is t r ic t S e t t l e m e n t F u n d D a i l y T r a n s i t C l e a r i n g s : Total received from F. R. Banks and Branches__________________________ Total paid to F. R. Banks and Branches__________________________________ Cu rren cy and C o in H a n d l e d : Currency received (including new notes) : Number o f notes______________________________________________________ A m ou n t_______________________________________________________________ $ 2,240,248,480 Currency paid out (including notes returned for redem ption): Number o f notes______________________________________________________ A m ou n t_______________________________________________________________ 390,816,623 $ 2,228,286,615 379,785,275 $ 2,108,985,713 Coin received (including new c o in ): Number o f coins_______________________________________________________ A m oun t_______________________________________________________________ $ 543,009,314 42,799,796 $ 460,011,232 38,697,574 $ 553,141,672 42,383,334 $ 448,594,835 37,780,528 Coin paid out (including coin returned for redem ption): Number o f coins_______________________________________________________ A m oun t_________________________________________________________ ____ 4 VOLUM E OF PRINCIPAL OPERATIONS (Continued) U. S. G o v e r n m e n t S e c u r i t i e s ( E x c l u s i v e o f S a v i n g s B o n d s ) Is s u e d , E x c h a n g e d a n d R e d e e m e d : N u m ber-----------------------------------------------------------------------------------------------A m ou n t_______________________________________________________________ 1949 1950 145,000 $ 3,055,637,000 182,000 $ 2,588,163,000 U . S. S a v i n g s B o n d s — I s s u e d : N um ber_______________________________________________________________ Issue price____________________________________________________________ $ 3,887,000 324,863,000 $ 4,001,000 302,198,000 $ 6,573,000 389,023,000 $ 6,583,000 354,334,000 $ 145,000 42,404,000 $ 151,000 37,120,000 $ 545,000 42,860,000 $ 612,000 45,469,000 U . S. S a v in g s B o n d s — R e d e e m e d : N um ber_______________________________________________________________ Redemption value______________________________________________________ U . S. S a v in g s B o n d s H e l d L a st D a y of Y e a r : in Sa f e k e e p in g for Ow n e r s on N um ber______________________________________________________________ A m ou n t___ ___________ ___________________________ ___ _________ C o u p o n s P a id — F r o m D ir e c t m e n t O b l i g a t io n s : and F u l l y G u ar a n tee d Govern N um ber______________________________ _______________________________ A m ou n t_______________________________________________ _______________ U . S. G o v e r n m e n t C h e c k s and W a r r a n t s R e c e iv e d : N um ber_______________________ ______________________________________ A m ou n t_______________________________________________________________ F e d e r a l T a x e s — R e c e iv e d and C r e d it e d to 24,636,000 $ 3,785,345,000 23,570,000 $ 3,518,515,000 T reasury: Number o f Depositary Receipts_________________ ____________________ A m ou n t___________________________________________ __________________ $ 298,000 439,882,000 $ 228,000 344,035,000 PERSON N EL Number o f officers and employees at end o f year: Officers ______________________________________________ ___ ____________ Employees _________________________________ _______________ _______ 26 1,180 1,211 1,206 1,235 National banks________________________________________________________ State banks___________________________________________________________ 340 137 340 139 Total_________________________________________________________ 477 Total____________________________________________________ . 24 M EM BER BANKS Number o f member banks at end of year: 5 DIRECTORS AND OFFICERS FOR YEAR 1951 DIRECTORS C H A R L E S P. M cC O R M IC K , Ch a ir m a n federal B oard a n d R eserve a g e n t . of t h e TATT\T T» TTTAAnTtT AT>T\ Tn «JU1A11 JL». II H n.lti-', ViV., D eputy C h a ir m a n Class A J A M E S D . H A R R IS O N , 1951, of t h e B oard . P r e s id e n t , F ir s t N a t i o n a l B a n k , B a l t im o r e , M d . B a l t im o r e , M d . W A R R E N S. J O H N S O N , 1952, W i l m i n g t o n , N . C. P r e s id e n t , P e o p l e s S a v in g s B a n k & T r u s t C o ., W i l m i n g t o n , N . C. J O H N A . S Y D E N S T R IC K E R , 1953, C a s h i e r , F ir s t N a t i o n a l B a n k M a r l in t o n , W . V a . M a r l in t o n , W . V a . in M a r l in t o n , Class B E x e c u t iv e V ic e P r e s id e n t , M il l e r & R h o a d s , I n c ., R ic h m o n d , V a . E D W I N H Y D E , 1951, R ic h m o n d , V a . H . L. R U S T , Jr., 1952, W a s h i n g t o n , D . C. P r e s id e n t , H . L. R u s t C o m p a n y , W a s h i n g t o n , D . C. C A R Y L. P A G E , 1953, P r e s id e n t a n d T r e a s u r e r , J a c k s o n M i l l s , W e ll fo r d , S . C. T r y o n , N . C. Class C M a n a g e m e n t Co u n se l , So u th e r n S tates C oo p e r a tive , I n c ., R ic h m o n d , V a . W . G. W Y S O R , 1951, R ic h m o n d , V a . J O H N B. W O O D W A R D , Jr., 1952, P r e s id e n t , N e w p o r t N e w s S h ip b u il d in g a n d D r y D o c k C o ., N ew port N e w s , V a . N ewport N e w s , V a . C H A R L E S P. M cC O R M IC K , 1953, P r e s id e n t a n d C h a i r m a n of B oard , M c C o r m ic k & C o m p a n y , I n c ., M f r s . of T e a s , S p ic e s , E x t r a c t s , I n s e c t ic id e s , E t c ., B a l t im o r e , M d . B a l t im o r e , M d . OFFICERS HUGH LEACH, P r e s id e n t . J. S. W A L D E N , J r ., F ir s t V ic e U P T O N S. M A R T IN , P r e s id e n t . A EDWARD A. W AYNE, V ic e P r e s id e n t . A and Ca s h ie r . ic e A A P r e s id e n t . W . R. M IL F O R D , V ic e P r e s id e n t . ic e A A P r e s id e n t . V ic e P r e s id e n t . ic e s s is t a n t Ca s h ie r . s s is t a n t Ca s h ie r . s s is t a n t C a s h ie r . A u d it o r . G. H A R O L D S N E A D , C h ie f E x a m in e r . P r e s id e n t . A U B R E Y N . H E F L IN , N . L. A R M IS T E A D , V Ca s h ie r . R. S. B R O C K , J r ., C H A R L E S W . W IL L IA M S , ic e s s is t a n t JO H N L. N O S K E R , K. B R A N T L E Y W ATSO N , V Ca s h ie r . J A M E S W . D O D D , Jr., R. L. C H E R R Y , V s s is t a n t W . B. W A K E H A M , C. B. S T R A T H Y , V V ic e P r e s id e n t . JO S E P H M. N O W L A N , R. W . M E R C E R , V ic e P r e s id e n t s s is t a n t E D W A R D W A L L E R , J r ., Co u n se l . P r e s id e n t . MEMBER FEDERAL ADVISORY COUNCIL R O B E R T V . F L E M IN G , 1951, P r e s id e n t a n d C h a i r m a n of t h e B oard , T h e R iggs N a t i o n a l B a n k , W a s h i n g t o n , D . C. INDUSTRIAL ADVISORY COMMITTEE J. G. H O L T Z C L A W , Chairman P r e s id e n t , V i r g in i a E l e c t r ic & P o w e r C o ., R ic h m o n d , V a . W A L K E R D. STU A R T, P r e s id e n t , R i c h m o n d H a r d w a r e C o ., R ic h m o n d , V a . O V E R T O N D . D E N N IS , D o m in io n O il C o m p a n y , R ic h m o n d , V a . ROSS P U E T T E , P r e s id e n t , C a r o l in a P ap e r B oard C o r p o r a t io n , C h a r l o t t e , N . C. J O H N L. W H IT E H U R S T , P r e s id e n t & T r e a s u r e r , B u r t M a c h i n e C o ., I n c . B a l t im o r e , M d . DIRECTORS AND OFFICERS FOR YEAR 1951 (Continued) BALTIMORE BRANCH DIRECTORS C H A R L E S A . P IP E R , 1951, P r e s id e n t , T h e L ib e r t y T r u s t C o m p a n y , C u m b e r la n d , M d. C u m b e r l a n d , M d. E U G E N E G. G R A D Y , 1952, P r e s id e n t , T h e W B a l t im o r e , M d . B a l t im o r e , M d . L A C Y I. R IC E , 1952, C H A R L E S W . H O F F , 1953, P r e s id e n t , U n i o n T r u s t C o m p a n y B a l t im o r e , M d . B a l t im o r e , M d . J A M E S E . H O O P E R , 1951, V ic e P r e s id e n t , W B a l t im o r e , M d . B a l t im o r e , M d . L. V IN T O N H E R S H E Y , 1952, H ag er sto w n , M d. J A M E S M. S H R IV E R , 1953, e s t m in s t e r , N a t io n a l B a n k , P r e s id e n t , T h e O ld N a t i o n a l B a n k , M a r t in s b u r g , W . V a . M a r t in s b u r g , W . V a . W estern il l i a m of M aryland, E . H ooper & S o n s C o m p a n y , P r e s id e n t a n d G e n e r a l M a n a g e r , H a g e r s t o w n S h o e C o ., H agerstow n, M d. P r e s id e n t , T h e B . F . S h r iv e r C o m p a n y , W e s t m in s t e r , M d . M d. OFFICERS W . R. M IL F O R D , V ice P r e s id e n t . D . F . H A G N E R , C a s h ie r . J. A . J O H N S T O N , A s s i s t a n t C a s h i e r . A . C . W IE N E R T , A s s is t a n t B. F . A R M S T R O N G , A Ca s h ie r . s s is t a n t C a s h ie r . CH A R L O T TE BRANCH DIRECTORS T H O M A S J. R O B E R T S O N , 1951, C o l u m b ia , S. C. P r e s id e n t , T h e F ir s t N a t i o n a l B a n k C o l u m b ia , S. C. G E O R G E S. C R O U C H , 1952, C h a r l o t t e , N . C. P r e s id e n t , U n i o n N a t i o n a l B a n k , C h a r l o t t e , N . C. J O N A T H A N W O O D Y , 1952, W a y n e s v il l e , N . C. P r e s id e n t , F ir s t N a t i o n a l B a n k , W a y n e s v il l e , N . C. A R C H IE K . D A V IS , 1953, W i n s t o n - S a l e m , N . C. S e n io r V ice P r e s id e n t , W a c h o v ia B a n k a n d T r u s t C o m p a n y , W in s t o n -S a l e m , N . C. R. F L A K E S H A W , 1951, E G r ee n sb o r o , N . C. V ic e P r e s id e n t , N B u r e a u F e d e r a t io n , G reen sbo r o , N . C. x e c u t iv e orth V ic e P r e s id e n t U n i o n , S. C. R. E . E B E R T , 1953, G r e e n v il l e , S. C. P r e s id e n t , D i x i e H o m e S t o r e s , I n c ., G r e e n v il l e , S. C. T reasu rer, M o n a r c h M il l s , OFFICERS R. L. C H E R R Y , V ice P r e s id e n t . S . A . L IG O N , C a s h i e r . R. L . H O N E Y C U T T , A s s i s t a n t C a s h i e r . E . C. M O N D Y , A s s is t a n t 7 S o u t h Ca r o l in a , C a r o l in a F a r m W . A . L. S IB L E Y , 1952, U n i o n , S. C. and of Ca s h ie r .
@FedFRASER